News Updates

Dow +107Point in Future after US Government May Take Up To 40% Stake In Citigroup
US Government May Take Up To 40% Stake In Citigroup, Citigroup is in talks with federal officials that could result in the U.S. government substantially expanding its ownership of the struggling bank, people familiar with the situation say. While the discussions could fall apart, the government could wind up holding as much as 40% of Citigroup's common stock. Bank executives hope the stake will be closer to 25%.
 
Bharat Heavy Electricals Ltd said it had received a 31.5 billion rupee ($635 million) order for supplying two 600 megawatt plants for a power project in central India.
 
Infosys Technologies has identified European SAP services firms BCC and Ciber Novasoft, among others, as potential acquisition targets. The move is part of the company's plan to increase revenues from SAP-based services and compete more effectively. While Infosys is evaluating the potential acquisition targets, a final transaction could be still far away, the Web site reported two people familiar with the discussions as saying, speaking on condition of anonymity. This is "especially, since there is no agreement yet on the valuation of BCC and the SAP services unit of Ciber.
BCC is headquartered in Poland and has a significant presence in the German market, while Ciber Novasoft is based in Germany. http://economictimes.indiatimes.com/Infosys-identifies-EU-SAP-firms-as-potential-targets/articleshow/4172128.cms <http://economictimes.indiatimes.com/Infosys-identifies-EU-SAP-firms-as-potential-targets/articleshow/4172128.cms>
http://in.reuters.com/article/businessNews/idINIndia-38156820090223 <http://in.reuters.com/article/businessNews/idINIndia-38156820090223>
 
Reliance Industries will soon acquire clean storages in the U.S. East Coast and Gulf Coast to sell huge volumes of fuel, a senior official said, putting in place its global infrastructure that will cement its swing-supplier role http://in.reuters.com/article/businessNews/idINIndia-38154220090223 <http://in.reuters.com/article/businessNews/idINIndia-38154220090223>
 
Reliance Power plans to double the capacity of its coal-based Butibori power project to 600 megawatts, the Business Standard reported on its Web site Monday, citing Chief Executive Officer Jayarama Chalasani, following a request by Maharashtra Chief Minster Ashok Chavan. Special purpose vehicle Vidarbha Industries Power was launched by Reliance Power and local industries in the MIDC region of Nagpur and its surrounding areas to construct the first group captive power project in the region. The fast-track project is expected to go on stream by 2011. http://www.business-standard.com/india/news/r-power-to-double-butibori-capacity/04/06/349818 <http://www.business-standard.com/india/news/r-power-to-double-butibori-capacity/04/06/349818>
 
Oil and Natural Gas Corp has discovered oil in the hydrocarbon-rich Krishna Godavari basin, which may turn out to be significant for the country's largest oil explorer, the Economic Times reported on its Web site Monday, citing a person close to the development. The person, who didn't wish to be named, said the discovery took place in block KG-DWN-98/2 and ONGC is now accessing the reserves, the Web site reported. An announcement on this is expected in a month or so, the person said, the Web site reported. ONGC offshore director Sudhir Vasudeva declined to comment on the discovery, citing confidentiality, http://economictimes.indiatimes.com/Economy/ONGC-strikes-oil-in-KG-basin/articleshow/4172523.cms <http://economictimes.indiatimes.com/Economy/ONGC-strikes-oil-in-KG-basin/articleshow/4172523.cms>
 
NTPC suspended work on a 600 megawatt hydroelectric project in the northern state of Uttarakhand due to a protest by an environmentalist. The construction of the Loharinag-Pala project began in July 2006 and the first turbine was scheduled to be commissioned in April 2011. NTPC had planned to invest INR32.83 billion in the project. An NTPC executive, who did not wish to be named, told Dow Jones Newswire
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